Information, intelligence, insight

Written by McKinsey Business Technology Consultants, this article, The Next Step in Open Innovation, discusses how the Internet and new social-networking technologies are allowing companies and their customers to interact with unprecedented levels of richness. Some leading organisations are using this opportunity to draw customers into the heart of the product-development process. Cocreating products and services with customers is uncertain territory, fraught with challenges and questions – for example, who owns the resulting intellectual property? Nonetheless, smart companies are now beginning to encourage their customers to help them develop the products and services customers really want.